Several of President Obama's potential Republican challengers are firing back at the president's reelection announcement.

Former Minnesota Gov. Tim Pawlenty's (R) exploratory committee released a Web video highlighting the economic downturn and claimed that Obama lacks the right policies to right the ship, reports The Hill's Jordan Fabian.

"I got a question of you: How can America win the future when we're losing the present?" Pawlenty said, in a jab at one of Obama's main talking points. "In order for America to take a new direction, it's going to take a new president."

Pawlenty is one of of the few GOP contenders to announce an exploratory committee.

Former Massachusetts Gov. Mitt Romney (R) is expected to run but hasn't made a formal announcement.

He took to twitter, however, to criticized Obama's economic record, The Hill's Michael O'Brien reports.

"@barackobama I look forward to hearing details on your jobs plan, as are 14m unemployed Americans," he tweeted Monday.

Also expected to run is former House Speaker Newt Gingrich, whose camp blasted Obama's reelection announcement Monday, highlighting the potential for Obama to raise upwards of $1 billion for his 2012 race, reports The Hill's Shane D'Aprile.

"With their announced goal of raising a billion dollars in order to drown out their opposition, one thing is certain: it begins and ends with political extortion," Gingrich spokesman Rick Tyler said in a statement.

Meanwhile, the Republican National Committee used Obama's reelection announcement for fundraising pitch, asking supporters to help the committee raise "$270,000 in the next 72 hours - $1,000 for every electoral vote required to elect the next Republican president."

"Despite a looming government shutdown, a new military operation in Libya and Tax Day around the corner, President Obama made the decision to focus on kicking off his billion dollar campaign," chairman Reince Priebus said in a statement. "As the debt and reckless spending championed by this administration threatens to snuff out the recovery and future job growth, the president’s conscious decision to take a back seat on leadership is downright irresponsible. Simply put, America can’t afford four more years of Barack Obama.”

(We'll add reaction from other potential 2012 candidates as we get it).